Risk Manager
Salary

Median pay for Risk Managers in the United States is around $82K annually. Overall cash earnings for Risk Managers stretch from $52K on the lower end to $134K near the top, and the heftiest packages can encompass around $25K from bonuses and $10K from profit sharing. Geographic location is the main element affecting pay for this group — years of experience and the particular employer are driving factors as well. Most Risk Managers like their work and job satisfaction is high. Most enjoy medical while a large number get dental coverage. Vision coverage is also available to the greater part. Men working as Risk Managers who took the survey just slightly outnumber women at 51 percent. This overview is based on answers to PayScale's salary questionnaire.

XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).

XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).

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Job Description for Risk Manager

A risk manager is someone who is responsible for handling the threats that are directed toward the progress of a business or organization. Risk managers not only protect the company, but they also protect the company's assets, income, employees, reputation, and shareholders. In some companies, risk managers set up procedures and handle the legal risks, and some of them specialize in data risk and technology. Risk managers help to design, implement, oversee, and manage the risk management plan. They coordinate risk management activities in order to prevent or isolate liabilities. Risk managers also review existing safety policies and update them to comply with legislation. They also investigate and troubleshoot individual or organization-wide issues. They must identify trouble before it occurs and communicate their findings to other people within the organization. Risk managers construct their reports according to the needs of their audience. They can report their findings to the board of directors and even the employees. The board of directors' report could be more general and help the members better understand the threats. The employees can receive a report to help them better understand and acknowledge the possible risks that may be created by their job. Risk managers protect the organization from any legal costs, and they can also provide training to company managers on how to stay within proper legal boundaries when running their company. The managers must have a certain level of education and experience in order to do their jobs well. In any company, there are always risks. A risk manager's career is very attainable and is an occupation that will forever be in high demand.

Risk Manager Tasks

Review existing safety policies and update them to comply with legislation.

Coordinate risk management activities in order to prevent or isolate liabilities.

Risk Manager Job Listings

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Popular Employer Salaries for Risk Manager

Offering a median salary of only $102K, Bank of America Corp. (BOFA) pays the least. Not only that, but the earnings range of $63K to $137K is pretty narrow, too.

Popular Skills for Risk Manager

This chart shows the most popular skills for this job and what effect each skill has on pay.

Risk Managers report using a deep pool of skills on the job. Most notably, facility with Risk Consulting, Microsoft Excel, and SQL are correlated to pay that is significantly above average, leading to increases of 75 percent, 23 percent, and 20 percent, respectively. Skills that seem to negatively impact pay include OSHA Compliance, Safety Compliance, and Claim Handling. Most people familiar with Insurance also know Claim Handling.

Pay by Experience Level for Risk Manager

Median of all compensation (including tips, bonus, and overtime) by years of experience.

For Risk Managers, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Survey participants with less than five years' experience pocket $71K on average, but those with five to 10 years of experience enjoy a much bigger median of $87K. After working for 10 to 20 years, Risk Managers make a median salary of $95K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $98K.

Pay Difference by Location

Surpassing the national average by 44 percent, Risk Managers in New York receive some of the highest pay in the country. Risk Managers can also look forward to large paychecks in cities like San Francisco (+39 percent), Houston (+28 percent), Boston (+25 percent), and Washington (+25 percent). Tampa is home to the smallest salaries in the field, lagging the national average by 10 percent. A couple other locations with smaller-than-average paychecks include Atlanta (6 percent lower) and Los Angeles (3 percent lower).